Application of act — Dispute resolution

A. This act shall apply to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this act, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this state. B. The parties to an account agreement may choose a forum in this state for settling a dispute arising out of the special deposit, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this state. C. This shall not affect: 1. A right or obligation relating to a deposit other than a special deposit under this act; or 2. The voidability of a deposit or transfer that is fraudulent or voidable under other law. Added by Laws 2024, c. 174, § 3, eff. Nov. 1, 2024.